– The primary function of Product Control is to work closely with all business stakeholders in achieving the objectives of the firm, in compliance with all relevant regulations and reporting requirements.
– The PC Product Line teams play a key role in ensuring an independent validation, substantiation, and reporting of financial information for a particular FO business unit.
– The responsibility by Line PC Teams for completeness and accuracy of the books and records comprises of:
– P&L and B/S substantiation and reporting (including P&L explain / attribution, reconciliations, P&L commentaries, adherence to accounting principles, etc.).
– Monitoring trading activity for compliance with various related policies.
– Providing management with a technical and operational analysis of the business unit.
– Regular interaction with FO business, Financial Control, Technical Accounting Group, PC Change Management, Technology and other infrastructure areas
Overall purpose of role
– Produce daily desk PL including commentaries, investigate Flash/Formal differences
– Ensure the maintenance of a strong internal control environment. Review key controls: FOBOs, adjustment substantiation and New, Amends & Cancels trades review
Responsible for the line product control of a subset of an asset class, managing a line PC sub-team to fulfill responsibilities below:
– Review daily P&L, P&L attribution, P&L commentary, flash to formal differences and manual adjustments
– Develop a sound understanding of risk positions through detailed discussion with traders and risk managers on risk positions so that an appropriate P&L model is deployed with focus on key risk items and market moves
– Perform insightful financial analysis to draw sound conclusions to present to senior stakeholders in onshore PC locations and Financial Control
– Ensure that the team’s KPI and SLA are met.
– Attend to ad hoc queries from the traders and other infrastructure partners relating to trading revenue and balance sheet
– Foster a culture of performance improvement by serving as a lead for recommendations and be accountable for the delivery of qualitative and efficiency benefits from direct reports
Weekly / Monthly Responsibilities
– Review key weekly & monthly MIS to senior management.
– Gain in-depth understanding of provisioning and price testing controls and processes, and perform a detailed review of the working files.
– Engage in detailed discussion with traders, risk managers and Independent Valuation Control team on the results. Liaise with valuation expert on modeling appropriateness and other technical/booking issues.
– Perform detailed review of month end adjustments, and Balance Sheet substantiation
– Ensure the maintenance of a strong internal control environment. Monitor control reports to ensure the accuracy of data for P&L, validation, and downstream processes.
– Raise the team’s level of control awareness. Lead by example and engender a strong control culture.
– Ensure clean audit results from internal and external reviews. Ensure the completeness and accuracy of key stroke documentations for key PC processes, risk assessment, and SOX documentation.
– Projects and Continuous Improvements Identify and drive process re-engineering and constantly challenge status quo for control improvement and process efficiency.
– Motivate and empower the team to deliver continuous improvements.
Stakeholder Management and Leadership
– Responsible for performance and development of the sub-team.
– Responsible for resource allocation within the sub-team and setting clear objectives for both business deliverables and personal development.
– Provide leadership and support/advice to the team. Focus on prioritization and delivery.
– Drive team training.
Decision-making and Problem Solving
Relevant Details updated above
Risk and Control Objective
– Preferably a qualified accountant or similar qualification (CA/ CIMA/ CFA/ Financial Engineering)
– Strong control awareness
– Confident and assertive manner
– Ability to work independently with a spectrum of people from junior finance staff to front office business heads.
– Proactive and change focused with problem-solving ability.
– Mature and able to negotiate through difficult situations
– Ability to drive the team’s agenda in large forums spread across various locations.
– Good influencing and negotiation skills and excellent communication and interpersonal skills.
– Displays enthusiasm, initiative, and diligence.
– Opportunity to be groomed to be future leaders, where there will be expanded remit for future growth.
– Works well in a team with high standards for team work